Nova Minerals Surges 29.68% on 9.9M-Ounce Gold Resource Upgrade

Nova Minerals surged 29.68% in pre-market trading on Nov. 10, 2025, as investors reacted to a significant upgrade in its gold resource estimates

The company announced a revised Estelle Global Gold Mineral Resource Estimate of 9.9 million ounces, reflecting a material expansion of its reserves. This update positions Nova Minerals to enhance production capacity and potentially accelerate development timelines, addressing growing demand in the gold sector

Analysts noted the upgrade could attract renewed institutional interest, particularly as gold prices remain supported by macroeconomic factors. The pre-market rally suggests market participants are pricing in improved long-term visibility for the miner

Technical indicators show the stock has broken above key resistance levels, with momentum metrics aligning with the bullish fundamental catalyst. Volume patterns also suggest strong conviction in the upward move

Backtesting of historical resource upgrade events in the sector indicates an average 12-18% price response within three trading days. Given Nova's higher-than-expected reserve growth, the current move could extend further if follow-through buying materializes